According to a release from the Seahawks, Seattle has acquired the Raiders' fifth-round pick in 2014 and a conditional draft choice in 2015.

Word broke last Friday that the teams were close to a deal for Flynn, who appeared in three games in his first season in Seattle after signing a three-year, $19.5 million contract as an unrestricted free agent last March. Flynn, a 2008 seventh-round pick out of LSU by the Green Bay Packers, played in just over three dozen offensive snaps, completing five of his nine pass attempts for 68 yards in relief of rookie Russell Wilson, who won the Seahawks' starting job during training camp.

Flynn has two seasons and $11.5 million remaining on his contract, including a $5.25 million base salary, $2 million of which is fully guaranteed, for the 2013 season. By trading Flynn, the Seahawks will save $5.25 million in cash and $3.25 million in cap space, some of which may be used to locate another backup quarterback. Wilson is currently the only quarterback on the team's 90-man roster and one option may include Tyler Thigpen, an unrestricted free agent who spent the last two season as the backup with the Buffalo Bills. Thigpen has the athleticism to run the read-option should something happen to Wilson this season.

In addition to acquiring Flynn, the Raiders are dealing QB Carson Palmer"likely to be soon" to the Arizona Cardinals for a late-round draft choice, Michael Silver of Yahoo! Sports reported on Monday.

Palmer, 33, has refused to reduce his $13 million base salary and would play for less, and in a lesser role, on another team. Trading, or flat-out releasing Palmer will save the Raiders $13 million in cash and $5.995 million in salary cap space this season.